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CRB Fundamental Market Service

Apr WTI crude oil this morning is up +72 cents (+1.45%) and Apr gasoline is up +0.0371 (+1.96%). Apr crude and Apr gasoline prices on Monday closed lower: CLJ5 -0.17 (-0.34%), RBJ5 -0.0629 (-3.18%). Bearish factors included (1) a rally in the dollar index to a 5-week high, and (2) increased crude output in Saudi Arabia, the largest OPEC producer, as Saudi Arabian Feb crude production rose +130,000 bpd to 9.85 million bpd, the highest in 17 months. Losses in crude were limited after an oil industry survey from Genscape Inc. said Wednesday’s EIA data will show a negligible increase of crude inventories at Cushing, OK, the delivery point for WTI futures, for the week ended Feb 27.